Express Inc. jumped 11.8% in pre-conference trading as clothing and accessories retailer reported earnings and comparable sales for the third quarter higher than expected, despite net sales being lower. of estimates.
Net income for the quarter ended Oct. 30 was $ 13.1 million, or 19 cents a share, compared with a loss of $ 90.3 million, or $ 1.39, a year earlier.
Excluding the extraordinary, the adjusted earnings per share were 17 cents, while the average estimates for earnings per share were 2 fives.
Sales rose 46.6% to $ 471.98 million, compared to estimates for $ 503.1 million.
Sales costs increased by only 2.3%, leading the gross margin to 33.2% from 4.3%. Comparable sales increased 46% compared to estimates for an increase of 30.2%.
“Our results provide tangible evidence that the flexibility, quality and value of our product resonate with consumers. I am confident that we will continue to offer positive comparable sales and an extension of the gross margin over the fourth quarter of 2019.” said the CEO.
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Source From: Capital
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